UQM shareholders approve merger with Danfoss Power Solutions

LONGMONT -- UQM Technologies, Inc. (NYSE American: UQM), a developer of alternative energy technologies, announced that, during a special meeting of UQM shareholders held April 23 at the company’s offices in Longmont, shareholders approved the merger of UQM with Danfoss Power Solutions (US) Company (a division of Danfoss A/S, (“Danfoss”)).

A total of 39,144,717 shares were cast in favor of the transaction out of 56,197,188 total – or 69.65% of all shares outstanding as of the record date – either in person or by proxy. Of the total shares voted, 92.38% voted in favor of the transaction.

A complete report of the voting results will be filed with the SEC.

UQM said it expects the transaction to close in the second quarter of 2019, subject to customary closing conditions and regulatory approvals including that of the Committee on Foreign Investment in the United States (“CFIUS”).

Upon closing of the transaction, shareholders will receive $1.71 per share of UQM held.

“I am very pleased that UQM shareholders overwhelming voted in favor of our merger with Danfoss, setting the stage for this transformational event to proceed,” said Joe Mitchell, UQM Technologies’ president and CEO.

“We will now work to complete the final government approval with CFIUS to conclude the acquisition. We look forward to working together with Danfoss on the development of our technology, penetration of new markets, and advancement of the electric vehicle industry worldwide.

“I’d like to once again thank our longstanding investors for their great support and approval of this groundbreaking transaction.”

UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators, power electronic controllers and fuel cell compressors for the commercial truck, bus, automotive, marine and industrial markets.